Aug 26, 2017

One confirmed dead from Harvey with 'catastrophic' flooding expected

The scene in Aransas Pass, TX. Photo: Eric Gay / AP

Hurricane Harvey made landfall on the Texas coast around 10 p.m. local time on Friday as a Category 4 storm — among the strongest to strike the U.S. in decades. It has since weakened to tropical storm status.

  • Local authorities in Rockport have confirmed one death, and property damage amounting to "total devastation." Nearby communities, including Port Aransas, were also hard hit.
  • 20 inches of rain have fallen in Corpus Christi and 16 in Houston, with 20-30 more inches expected and the National Hurricane Center anticipating "catastrophic" flooding. The storm is now largely stationary, lingering over the Houston area and continuing to pull moisture in from the Gulf.
  • RCOT, which manages the grid for most of Texas, reports more than 300,000 customers are without power.
  • President Trump addressed his cabinet via teleconference to discuss the federal response.

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Democrats demand new Russia sanctions over 2020 election interference

Putin and Trump. Photo: Kremlin Press Office / Handout/Anadolu Agency/Getty Images

Senate Democratic leaders sent a letter to Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin on Monday afternoon demanding they sanction Russia — and potentially Russian President Vladimir Putin himself — for attempting to influence the 2020 presidential election.

Why it matters: The letter follows reports that a senior intelligence official briefed Congress that Russia is again interfering in the November election to help Trump. White House national security adviser Robert O'Brien repeatedly rejected that assessment on Sunday, and CNN later reported that the briefer may have overstated the intelligence community's evidence about Russia's goals.

Private equity returns fell behind stocks over the past decade

Illustration: Aïda Amer/Axios

U.S. private equity returns fell just below S&P 500 returns for the 10-year period ending last June, according to a report released Monday morning by Bain & Company.

Why it matters: Private equity markets itself as beating public markets over long-term time horizons, and usually providing an illiquidity premium to boot. These new performance figures not only dent such claims, but provide fresh ammunition to critics of public pension investment in private equity funds.